Tag: investigation

BAA ordered to sell airports

BAA ordered to sell airports

Airport operator BAA has been ordered to sell Stansted Airport and either Glasgow or Edinburgh airports, it has been confirmed. BAA, which is majority-owned by Spain’s Ferrovial, has been under investigation by the Competition Commission since 2007. In its final ruling, the Commission said the sale of the airports was fully justified and the sale [...]

July 19, 2011 | 0 Comments More
OFT to launch investigation into card surcharges

OFT to launch investigation into card surcharges

Consumer group Which? is concerned about surcharges imposed on to consumers who pay by debit or credit cards. It has therefore asked the Office of Fair Trading (OFT) to investigate the matter - which sees retailers, local authorities, estate agents and cinemas all impose the charges. However, the “worst offenders” are said to be budget [...]

February 11, 2011 | 0 Comments More
Investigation concludes financial crisis could have been avoided

Investigation concludes financial crisis could have been avoided

The US Financial Crisis Inquiry Commission has concluded that the financial crisis of 2008 could have been prevented. The investigation into the crisis, which was overseen by Alan Greenspan - former chairman of US central bank, the Federal Reserve, saw over 700 witnesses interviewed. The 10-member Commission, established in May 2009, said Government officials and [...]

January 28, 2011 | 0 Comments More
Police arrest Indian Citibank employee

Police arrest Indian Citibank employee

Police in India have today arrested a Citibank employee who has been accused of cheating clients out of billions of pounds. However, 32-year-old Shivraj Puri, has told reporters he is innocent. He told the Times of India newspaper: “I have already given full details to the police. I have full faith in the judiciary. Truth [...]

December 30, 2010 | 0 Comments More
City Watchdog to publish RBS report

City Watchdog to publish RBS report

The Financial Services Authority (FSA) is set to publish a report on the near collapse of Royal Bank of Scotland (RBS) following an investigation into the bank. The report, to be published by the end of March, comes after the bank had to be bailed out at the height of the financial crisis in autumn [...]

December 16, 2010 | 1 Comment More
Crown Currency Exchange directors arrested

Crown Currency Exchange directors arrested

Two former directors of the collapsed foreign exchange company, Crown Currency Exchange, Peter Benstead and Edward James, were arrested and have been questioned in connection with the failure of the company. However, police have said the two men have since been released on bail until July next year. The two men have been named as [...]

December 8, 2010 | 1 Comment More
Eric Daniels calls for Lloyds to keep HBOS

Eric Daniels calls for Lloyds to keep HBOS

Outgoing chief executive of Lloyds Banking Group, Eric Daniels, is calling on the Government to allow the bank to keep HBOS. The controversial takeover, which occurred at the height of the financial crisis, could be scrapped if a Government investigation establishes it has damaged competition. Final recommendations with regard to the takeover will be known [...]

November 25, 2010 | 0 Comments More
IMF-EU officials investigate Ireland’s books

IMF-EU officials investigate Ireland’s books

As Ireland looks set to accept a multi-billion euro loan, the International Monetary Fund (IMF) and EU officials have commenced their investigation of Ireland’s bank books. Yesterday, Governor of the Irish central bank, Patrick Honohan, said the country is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all [...]

November 19, 2010 | 0 Comments More
Barclays bonus pot unveiled

Barclays bonus pot unveiled

Banking giant Barclays has today admitted that bonuses for its staff total just over £2 billion, despite the bank admitting these were “challenging markets”. It said it has set aside £1.5 billion to pay out in bonuses for its 25,000 staff so far this year and comes despite the bank’s investment unit, Barclays Capital, unveiling [...]

November 9, 2010 | 0 Comments More
Rolls-Royce makes progress with engine fault

Rolls-Royce makes progress with engine fault

Rolls-Royce, which has seen its shares plunge over the last few days, has said it has made progress in its investigation into the cause of the engine failure on the Qantas fleet of Airbus A380s. In a statement, the firm said: “It is now clear this incident is specific to the Trent 900 engine.” The [...]

November 8, 2010 | 0 Comments More
Rolls-Royce shares down on Qantas engine failure

Rolls-Royce shares down on Qantas engine failure

Shares in Rolls-Royce fell again this morning after the cause of the engine failure on last week’s Qantas flight remains unclear. Qantas today said it had found oil leaks in engines made by Rolls-Royce after the Australian airline had to make an emergency landing last Thursday. The plane was forced to turn back to Singapore [...]

November 8, 2010 | 0 Comments More
UK Watchdog fines Goldman Sachs £20m

UK Watchdog fines Goldman Sachs £20m

Investment banking giant Goldman Sachs has been fined £20 million ($31 million) by the UK’s Financial Services Authority (FSA). The fine comes after Goldman failed to inform the FSA it was under investigation for fraud by its US counterpart. The FSA and Goldman Sachs have declined to comment but according to the BBC, the multi-million [...]

September 9, 2010 | 0 Comments More
Lloyds/HBOS merger could be scrapped

Lloyds/HBOS merger could be scrapped

According to the Daily Mail, the controversial takeover of HBOS by Lloyds could be scrapped if a Government investigation establishes it has damaged competition. The hasty takeover, which took place at the height of the financial crisis, created a banking giant but has been heavily criticised and has resulted in thousands of job losses because [...]

August 9, 2010 | 0 Comments More
Cash ISA transfers to speed up

Cash ISA transfers to speed up

Following an investigation into Individual Savings Accounts (ISAs), savers with a cash ISA should find it quicker to switch their money to a different provider. The 90-day investigation, conducted by the Office of Fair Trading (OFT), came after Consumer Focus warned that cash ISAs are depriving savers of £3 billion in interest each year. The [...]

June 29, 2010 | 0 Comments More
Travel agents sell rip-off insurance

Travel agents sell rip-off insurance

Travel agents are selling rip-off travel insurance policies to British holidaymakers, Which? has claimed. An undercover investigation by the consumer advice group found travel agents selling policies worth just £20 for up to £80.99. Over half of the travel agents visited (17 out of 29) failed to provide basic details of the insurance policies they [...]

May 25, 2010 | 0 Comments More
Former RBS investment banker receives lifetime ban

Former RBS investment banker receives lifetime ban

Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry. The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank. Fifty-five-year-old Cameron, who was [...]

May 18, 2010 | 0 Comments More
US banks under investigation

US banks under investigation

Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. New York Attorney General, Andrew Cuomo, has launched the investigation and the banks under scrutiny are Goldman Sachs, Morgan Stanley, UBS AG, Citigroup, Credit Suisse, Deutsche [...]

May 14, 2010 | 1 Comment More
Bankers shudder at Goldman Sachs’ fraud charge

Bankers shudder at Goldman Sachs’ fraud charge

The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]

April 19, 2010 | 0 Comments More
Kraft facing inquiry over Cadbury factory closure

Kraft facing inquiry over Cadbury factory closure

US food giant, Kraft, is set to be investigated by the City takeover panel about whether it made misleading comments at the time of its takeover of British confectioner, Cadbury. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially said a takeover of Cadbury would secure UK jobs, [...]

March 8, 2010 | 0 Comments More
FSA examines complaint handling at RBS

FSA examines complaint handling at RBS

The Financial Services Authority (FSA) is to investigate the way Royal Bank of Scotland (RBS) deals with customers’ complaints. The City Watchdog is to examine “certain aspects” of the way the bank deals with complaints but the bank has said it would fully co-operate. A spokeswoman for the FSA said: “We are looking at all [...]

February 25, 2010 | 0 Comments More